2024 Partnership Essentials: Tax Basis Capital Accounts

Overview

This course examines the critical issues and special opportunities facing partnerships and their partners, with a focus on reporting tax basis capital accounts. 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Objectives

• Define the tax consequences and various liabilities for both partnerships and LLCs
• Apply rules for reporting tax basis capital accounts
• Identify planning opportunities and potential pitfalls

Highlights

• Importance of capital accounts
• Reporting negative tax basis
• Tax accounting for property contributed to a partnership
• Pre-contribution appreciation
• Effect of the Ceiling Rule
• Allocation of depreciation to partners
• Alternative and Remedial Methods
• Effect on financial capital accounts
• Form 1065, Schedule K-1
• Tax basis capital accounts

Designed For

Practitioners with partnership clients and those seeking knowledge on thorny partnership issues

Prerequisites

Basic working knowledge of partnerships and LLCs taxation

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/loginhttps://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.